start small business - ... starting that business translates your

Owning a business is the dream of many people.... starting a business translates your dream into reality. But there is a difference between dream and reality that can only be filled up with the help of careful planning. As a business owner, you will need to plan each and every aspect of the business to avoid pitfalls, to achieve your aim and to create a rewarding business. Starting a business is not an easy job. It requires commitment, hard work, resourcefulness and stamina as most of the entrepreneurs work twelve or more hours per day and six to seven days a week. Most business experts assent that it normally takes about three years for a new business to make a profit. During that time, business owners must be extremely focused, well prepared and organized. Without such discipline and focus, your business may lead to failure.

There are always some motivational factors behind starting up a business. Some people want to start their own business because they want to be their own boss, some people are creative and do not like doing the same monotonous job, some have a great idea about a new service or product and do not want it going wasted, have found a need and wants to satisfy it, money obviously etc. Different people have different motivators but the most important thing here is to know how strong your desire is to start your own business. Once, you have assessed your desire to become an Entrepreneur, the next step is planning for setting up your business.

Generally, new entrepreneurs are hesitant to do so because they cannot decide how to begin and from where to begin. New entrepreneurs should thoroughly understand the process of starting a new business as there is no room for any mistake. This is a step by step guide on how to setup a new business successfully.

1. Evaluate your Strengths: Not every person possesses the skills and abilities to become an Entrepreneur. Before starting a business the person should do a critical appraisal of his skills and abilities to know that if he fits to become an Entrepreneur. To be an Entrepreneur you should be creative and imaginative, should be a risk taker, leader, self-confident, organized, have good communication skills, able to initiate, quick decision maker, optimistic etc. the list is never ending.

The basic quality for an Entrepreneur is having the ability to assume high degree of risk as with each and every business there is a risk associated with it. In some businesses the risk is low and in some it is high. So, only those people could succeed in any business who are ready to accept risk and are not frightened of failure.

So, if you think you possess the skills and qualities to become an Entrepreneur you should move to the next step in setting up your business.

2. Choose the right Business: Once you have concluded that you have the personality to start a business, now the obvious question comes up that what kind of business should be started As you are going to dedicate a lot of your time, energy and resources you should choose an area in which you deeply enjoy to work.

There are generally two types of entrepreneurs regarding choice of the business. First type of entrepreneurs are those people who loves something so much that they want to make their career in that field only and feel comfortable and dedicated in doing that type of business. As long as there is a market for your much-loved business, it is worth starting.

The second type of entrepreneurs are those people who are not in love with any specific idea but are obsessed with the idea of entrepreneurship itself. These people do not long for any particular business but choose the one in which there is maximum scope for growth. Thus, choosing the type of business to be started is also an important step in starting a business. Now when it has been decided about the type of business to start the next and the most crucial step is planning your business.

3. Making a Business Plan: There are many considerations to be kept in mind while starting up any business but most important of all is planning for the business. For meeting the financial needs of the business, knowing the customers and assuring from the possible difficulties, each and every aspect of the business should be carefully thought.

A business plan accurately defines your business, recognizes your goals and serves as an outline of your business. A business plan basically includes the executive summary, description of the business, marketing plan, competitive analysis, development plan, operational plan and the financial statements relating to the business. It helps you distribute resources appropriately, handle unpredicted obstacles and make it help you to efficiently run your business and helps in taking informed business decisions.

As the business plan provides detailed and organized information about your business and how you will earn money and repay your loan thus, a fine business plan is an essential part of any loan application. If you have to raise money through loans from banks you will have to provide your business plan to the bankers on the basis of which it is going to be decided that your loan application will be selected or not. Additionally, it also shows the suppliers, sales personnel, and others about your actions and targets. Thus making a business plan is the most important aspect for starting up any business. The entrepreneur should do a detailed research and study of the market, the industry and every single aspect of the business before making the business plan.

4. Arranging Funds for the Business: Now for starting up any business the first and foremost requirement is money i.e. funds. Without funds no business can come into existence. Some businesses require less funds and some requires more. There are many places from where the funds could be arranged for starting up a business. Funds could be taken from your past savings, friends and family, banks, venture capitalists, lenders etc.

You should choose the source which fits best to your requirements and which is the most economical in terms of cost and efficient too. The main thing is that you get enough funds to start your business properly. If you start your business without sufficient funds it is going to give birth to a terrible situation where you might have to discontinue your business. Thus the business should always be started with sufficient funds plus some extra funds as safety margin to cope up with the uncertainties of the business.

5. Start your Business: Well prepared with the great idea, an accurate and organized business plan, and adequate funding, it is now the time to get on track. You should find a location and setup your office. Appoint personnel to work in the organization, advertise your business that the customers stay informed that you are starting a new business and that you can get customers from the first day of opening your business. Arrange for each and every thing, from small to big, from pin to a printer for your business, to operate smoothly. Carry out all the legal requirements required by the law of your country etc. Once each and every thing is in place then open the doors of your business for the customers. Provide them with a warm and friendly atmosphere and an exceptional service to make sure that they come again to you.

Thus, starting up a business is not a very complicated process but it just requires some skill, common sense and hard work. Without doubt preparing an adequate business plan is the most important step in starting a new business. A comprehensive business plan will be the basis of managing a successful business. Running a business is a continuous learning process. Research your idea thoroughly and do not hesitate to take help from others. Thus, by following these simple steps you can start your own business and can make your dream come true.